INSUBCONTINENT EXCLUSIVE:
EPFO raises death insurance cover for subscribers amid spike in Covid tollIn a beneficial step towards welfare of workers amid growing
deaths owing to the Coronavirus pandemic, the Employees' Provident Fund Organisation (EPFO) has hiked the death insurance benefits for
Rs 2.5 lakh and the maximum to Rs 7 lakh
The earlier limits were Rs 2 lakh and Rs 6 lakh respectively.The insurance cover will be given to the family of the beneficiary of the EDLI
scheme in the event of his or her death while in employment.The benefits under the scheme would be applicable to the subscriber if he or she
to be in employment for a continuous period of 12 months preceding the month in which the death occurred
This is irrespective of any change of establishment during the said period.The EDLI scheme was implemented as part of the Employees'
Provident Fund and Miscellaneous Provisions Act (EPF and MP Act), 1952
It is an insurance cover provided by the EPFO for private sector salaried employees.All employees who get a basic salary under Rs 15,000 per
month are eligible for availing the EDLI scheme
If the employer does not have any group insurance in place, then the maximum contribution is limited to Rs 15,000 per month.In case of the
death of a member, the family gets insurance of up to Rs 7 lakhs under the EDLI scheme and monthly widow/child/orphan pension under the EPS
scheme.The family, minor or lunatic member can also claim provident fund withdrawal using EPF form 20 with duly completed Form 5 IF.If there
Member of Legislative Assembly (MLA) , gazetted officer, magistrate, member or secretary of the local municipal board or from a member of
